Wedbush Reaffirms “Outperform” Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a research report issued to clients and investors on Thursday,RTT News reports. They currently have a $94.00 target price on the biotechnology company’s stock. Wedbush’s price target points to a potential upside of 37.73% from the stock’s previous close.

A number of other brokerages have also issued reports on BMRN. JPMorgan Chase & Co. decreased their target price on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Evercore ISI reduced their price target on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday. UBS Group increased their target price on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Scotiabank increased their price objective on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $93.81.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $68.25 on Thursday. The company has a market capitalization of $13.01 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 0.58 and a beta of 0.28. The stock’s 50 day moving average is $64.84 and its 200-day moving average is $71.05. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 12 month low of $60.63 and a 12 month high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 10.10% and a net margin of 14.96%. The firm had revenue of $747.31 million for the quarter, compared to analysts’ expectations of $711.05 million. Equities research analysts expect that BioMarin Pharmaceutical will post 3.15 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund lifted its stake in shares of BioMarin Pharmaceutical by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,738 shares of the biotechnology company’s stock worth $2,546,000 after acquiring an additional 164 shares during the period. Fifth Third Bancorp raised its holdings in BioMarin Pharmaceutical by 13.9% during the 4th quarter. Fifth Third Bancorp now owns 1,351 shares of the biotechnology company’s stock worth $89,000 after purchasing an additional 165 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of BioMarin Pharmaceutical by 0.8% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,105 shares of the biotechnology company’s stock worth $1,483,000 after purchasing an additional 173 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of BioMarin Pharmaceutical by 1.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 11,451 shares of the biotechnology company’s stock valued at $805,000 after purchasing an additional 180 shares during the last quarter. Finally, Freedom Investment Management Inc. increased its position in shares of BioMarin Pharmaceutical by 3.8% during the fourth quarter. Freedom Investment Management Inc. now owns 5,022 shares of the biotechnology company’s stock worth $330,000 after buying an additional 184 shares during the period. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.